Leases (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Leases [Abstract] |
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| Lease, Cost |
The Company’s total lease expense is comprised of the following: | | | | | | Three Months Ended | (In Thousands) | March 31, 2019 | Finance Lease Cost: |
| Amortization of Right-of-Use Assets | $ | 465 |
| Interest on Lease Liabilities | 114 |
| Total Finance Lease Cost: | 579 |
| | | Operating Lease Cost: |
| Operating Lease Cost Classified within Operating Expenses1 | 29,213 |
| Operating Lease Cost Classified within Restructuring Expenses, Net | 804 |
| Sublease Receipts | (732 | ) | Total Operating Lease Cost: | 29,285 |
| | | Total Lease Cost | $ | 29,864 |
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1 Includes short-term and variable lease costs, which are not significant. |
| Supplemental Cash Flow Information |
Additional information regarding the Company’s leasing activities as a lessee is as follows: | | | | | | Three Months Ended | (In Thousands) | March 31, 2019 | Cash Paid for Amounts Included in Measurement of Lease Liabilities: |
| Operating Cash Flows for Finance Leases | $ | 113 |
| Operating Cash Flows for Operating Leases | 31,643 |
| Financing Cash Flows for Finance Leases | 574 |
| Total Cash Paid for Amounts Included in Measurement of Lease Liabilities | 32,330 |
| Right-of-Use Assets Obtained in Exchange for New Finance Lease Liabilities | — |
| Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities | $ | 6,587 |
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| Assets And Liabilities, Lessee |
Supplemental balance sheet information related to leases is as follows: | | | | | | | | (In Thousands) | | Balance Sheet Classification | | March 31, 2019 | Assets | | | | | Operating Lease Assets | | Operating Lease Right-of-Use Assets | | $ | 370,282 |
| Finance Lease Assets | | Property, Plant and Equipment, Net | | 2,578 |
| Total Lease Assets | | | | $ | 372,860 |
| | | | | | Liabilities | | | | | Operating Lease Liabilities | | Operating Lease Liabilities | | $ | 406,559 |
| Finance Lease Liabilities | | Debt | | 4,590 |
| Total Lease Liabilities | | | | $ | 411,149 |
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| Schedule of Weighted-Average Discount Rate and Weighted-Average Remaining Lease Term |
Below is a summary of the weighted-average discount rate and weighted-average remaining lease term for the Company’s finance and operating leases: | | | | | | | Weighted Average Discount Rate1 | | Weighted Average Remaining Lease Term (in years) | Finance Leases | 6.0 | % | | 2 | Operating Leases | 3.6 | % | | 5 |
1 Upon adoption of ASC 842, discount rates for existing operating leases were established as of January 1, 2019. |
| Operating Lease, Liability, Maturity |
The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the condensed consolidated balance sheet. | | | | | | | | | | | | | (In Thousands) | Operating Leases | | Finance Leases | | Total | 2019 | $ | 89,172 |
| | $ | 2,407 |
| | $ | 91,579 |
| 2020 | 104,166 |
| | 2,028 |
| | 106,194 |
| 2021 | 81,568 |
| | 772 |
| | 82,340 |
| 2022 | 61,345 |
| | 74 |
| | 61,419 |
| 2023 | 40,967 |
| | — |
| | 40,967 |
| Thereafter | 75,891 |
| | — |
| | 75,891 |
| Total Undiscounted Cash Flows | 453,109 |
| | 5,281 |
| | 458,390 |
| Less: Interest | 46,550 |
| | 691 |
| | 47,241 |
| Present Value of Lease Liabilities | $ | 406,559 |
| | $ | 4,590 |
| | $ | 411,149 |
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| Finance Lease, Liability, Maturity |
The table also includes a reconciliation of the future undiscounted cash flows to the present value of the finance and operating lease liabilities included in the condensed consolidated balance sheet. | | | | | | | | | | | | | (In Thousands) | Operating Leases | | Finance Leases | | Total | 2019 | $ | 89,172 |
| | $ | 2,407 |
| | $ | 91,579 |
| 2020 | 104,166 |
| | 2,028 |
| | 106,194 |
| 2021 | 81,568 |
| | 772 |
| | 82,340 |
| 2022 | 61,345 |
| | 74 |
| | 61,419 |
| 2023 | 40,967 |
| | — |
| | 40,967 |
| Thereafter | 75,891 |
| | — |
| | 75,891 |
| Total Undiscounted Cash Flows | 453,109 |
| | 5,281 |
| | 458,390 |
| Less: Interest | 46,550 |
| | 691 |
| | 47,241 |
| Present Value of Lease Liabilities | $ | 406,559 |
| | $ | 4,590 |
| | $ | 411,149 |
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